The case involves a liquidation application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Apex Buildsys Ltd. The Committee of Creditors (CoC) passed a resolution with 87.30% voting in favor of liquidation on 22.10.2019. The company petition was initially admitted on 20.09.2018, and Mr. Gyan Chand Narang was appointed as the Interim Resolution Professional. The Resolution Professional received claims from creditors, totaling Rs. 444.60 crores. Two resolution plans were presented to the CoC but were rejected as they were deemed conditional and not reflective of the corporate debtor's value.
ICICI Bank Ltd. filed an application against Apex Buildsys Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Apex Buildsys Ltd. The company petition was admitted on 20.09.2018, and Mr. Gyan Chand Narang was appointed as the Interim Resolution Professional. Claims from creditors amounted to Rs. 444.60 crores. Two resolution plans were submitted but rejected by the CoC due to conditional arrangements and failure to reflect the corporate debtor's value. Consequently, the CoC passed a resolution on 22.10.2019 with 87.30% voting in favor of liquidation. The liquidation application was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The CoC
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The company petition was admitted, and Mr.…
The Committee of Creditors (CoC) passed a…
The case involves a liquidation application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Apex Buildsys Ltd. The Committee of Creditors (CoC) passed a resolution with 87.30% voting in favor of liquidation on 22.10.2019. The company petition was initially admitted on 20.09.2018, and Mr. Gyan Chand Narang was appointed as the Interim Resolution Professional. The Resolution Professional received claims from creditors, totaling Rs. 444.60 crores. Two resolution plans were presented to the CoC but were rejected as they were deemed conditional and not reflective of the corporate debtor's value.
ICICI Bank Ltd. filed an application against Apex Buildsys Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Apex Buildsys Ltd. The company petition was admitted on 20.09.2018, and Mr. Gyan Chand Narang was appointed as the Interim Resolution Professional. Claims from creditors amounted to Rs. 444.60 crores. Two resolution plans were submitted but rejected by the CoC due to conditional arrangements and failure to reflect the corporate debtor's value. Consequently, the CoC passed a resolution on 22.10.2019 with 87.30% voting in favor of liquidation. The liquidation application was filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The CoC
…The company petition was admitted, and Mr.…
The Committee of Creditors (CoC) passed a…